Classical localization methods use Cartesian or Polar coordinates, which require a priori range information to determine whether to estimate position or to only find bearings. The modified polar representation (MPR) unifies near-field and farfield models, alleviating the thresholding effect. Current localization methods in MPR based on the angle of arrival (AOA) and time difference of arrival (TDOA) measurements resort to semidefinite relaxation (SDR) and Gauss-Newton iteration, which are computationally complex and face the possible diverge problem. This paper formulates a pseudo linear equation between the measurements and the unknown MPR position, which leads to a closed-form solution for the hybrid TDOA-AOA localization problem, namely hybrid constrained optimization (HCO). HCO attains Cramér-Rao bound (CRB)-level accuracy for mild Gaussian noise. Compared with the existing closed-form solutions for the hybrid TDOA-AOA case, HCO provides comparable performance to the hybrid generalized trust region subproblem (HGTRS) solution and is better than the hybrid successive unconstrained minimization (HSUM) solution in large noise region. Its computational complexity is lower than that of HGTRS. Simulations validate the performance of HCO achieves the CRB that the maximum likelihood estimator (MLE) attains if the noise is small, but the MLE deviates from CRB earlier.